ocklesto bailey retail leisure ivestmet 251 HIGH STREET, BANGOR LL57 1PB PRIME FREEHOLD NON VATTED RETAIL INVESTMENT LET TO GERRARDS CONFECTIONERS (NORTH WALES) LIMITED
Ivestmet Summary Prime tradig locatio o the pedestriaised High Street Well cofigured retail ad acillary accommodatio with the beefit of a retur frotage. The property is let to Gerrards Cofectioers (North Wales) Limited (Compay No.01230327) by way of a 5 year full repairig ad isurig reversioary lease from 27 September 2018, subject to a upward oly ret review o 29 September 2022 at a curret retal of 24,000 p.a.x. The lease has a further 5.11 years uexpired. The retal has bee substatially rebased from 42,000 p.a.x. to 24,000 p.a.x. represetig 32.94 Zoe A. The property has ot bee registered for VAT. A ideal SIPP purchase. Freehold. We are istructed to seek offers for our cliets freehold iterest i excess of 290,000. A purchase at this level would reflect a et iitial yield of 8% after deductig purchasers costs of 3.19%. Locatio Bagor is a historic Uiversity city located o the North Wales coast ear the Meai Straight ad at the foot of Sowdoia Natioal Park i the Couty of Gwyedd. The city is situated approximately 9 miles (14.5 km) ortheast of Caerarfo, 60 miles (97 km) orthwest of Wrexham ad 60 miles (97 km) west of Chester. Bagor has excellet road commuicatios lyig just off the juctio of the A5 ad A55. The A55 liks with the M56 ad M53 motorways at Chester, whilst the A5 liks with the M54 motorway at Telford. The city beefits from a mai lie rail statio which provides regular services to most major tows ad cities i the viciity icludig Holyhead to the west (approximately 35 miutes) ad Chester to the east (approximately 60 miutes). There is also a direct service from Bagor statio to Lodo Eusto with a jourey time of 3 hours 15 miutes. Catchmet ad Demographics The cosumer sped i the city is ehaced by the large studet populatio, as well as the iflux of tourists who visit Bagor each year due to its close proximity to the Sowdoia moutai area ad the umerous beaches of the Lly Peisular. The city has a primary catchmet populatio of 168,000 people with a rakig of 2d i the hierarchy of North Wales cetres. The tow has a 10,000 studet populatio. Retailig i Bagor There is a estimated 525,000 sq ft of retail floor space i Bagor, comparable with the average for this size of tow (source: PROMIS). Bagor scores 86 o the PMA Retail Provisio Idictor, 48 o the PMA Fashio Score ad 8 o the PMA Achor Stores Idicator, all of which are sigificatly above average. Prime retailig i Bagor is predomiatly focused o the pedestriaised thoroughfare of High Street ad Garth Road. There are two shoppig cetres with the ope air Meai Cetre (140,000 sq ft) achored by Debehams ad the covered Deiiol Shoppig Cetre (50,000 sq ft) achored by Icelad. Sice 2008, Bagor has beefited from substatial regeeratio fuds from the EU Structural Fud. This has facilitated the creatio of a attractive plaza, as well as a substatial traffic calmig ad evirometal improvemets to upgrade the pedestria liks betwee the High Street ad the city s shoppig cetres, the Cathedral ad the Uiversity. Situatio The property occupies a prime tradig locatio o the pedestriaised High Street beig adjacet to Hollad & Barrett. Nearby multiple retailers iclude Topshop, Millets, Game, Lloyds, WH Smith, Trespass, Padora, Card Factory, The Works ad Clarks.
Descriptio The property is arraged o basemet, groud, first ad secod floors ad is of brick costructio uder a pitched, slate roof. There is a substatial sigle storey outrigger at groud floor level. The uit offers well cofigured groud floor sales accommodatio with acillary storage at basemet, first ad secod floors. Customer w.c. s are located i the basemet. The uit has bee fitted out i the stadard Gerrards livery ad is due a refit withi a year. Accommodatio The accommodatio is arraged o basemet, groud, first ad secod floors with the followig approximate areas ad dimesios:- Descriptio ft/sq ft m/sq m Widow frotage 15 2 4.6 m Retur widow frotage 1 8 0.5 m Iteral width (average) 17 2 5.3 m Shop depth 86 3 26.3 m Groud floor sales 1,252 sq ft 116.3 sq m First floor storage 296 sq ft 27.5 sq m Secod floor storage 304 sq ft 28.2 sq m Basemet storage 1,000 sq ft 93 sq m ITZA 592 uits
Coveat Iformatio Gerrards have bee family bakers sice 1838 tradig from 18 braches throughout Cheshire, The Wirral ad North Wales. We set out below the most recet fiacial iformatio available for the teat:- Teure The property is held freehold, subject to the teacy listed below. Teacy The property is let to Gerrards Cofectioers (North Wales) Limited (Compay No.01230327) by way of a 5 year full repairig ad isurig reversioary lease from 27 September 2018, subject to a upward oly ret review o 29 September 2022, at a curret retal of 24,000 p.a.x. The teat occupies the premises by way of the curret 10 year full repairig ad isurig lease from 29 September 2008, at a curret retal of 42,000 p.a.x. which was reduced to 24,000 p.a.x. with effect from Jue quarterday 2017. 31/10/16 s 31/10/15 s 31/10/14 s Total Assets 1,335,699 1,276,907 1,221,039 Total Curret Liabilities 346,088 304,283 300,843 Tagible Net Worth 912,536 879,448 838,477 Source:- N2Check (part of Du & Bradstreet) The teat has a ratig of 60 out of 100 represetig a average risk as defied by N2Check (part of Du & Bradstreet). Shop Refurbishmet As part of the reversioary lease egotiatios, the teat agreed that if a refurbishmet of the sales area were udertake by 29 September 2018, the the ladlord would give a 3 moth ret free period. Further details are available upo request. Retal Aalysis Prior to the reversioary lease, the teat was payig a retal of 42,000 p.a.x The ret has bee substatially re-based to 24,000 p.a.x. which reflects 32.94 Zoe A after allowig 3.00 psf at both basemet ad first floor levels ad 2.00 psf at secod floor level. This is i lie with the lease reewal at 284 High Street (Costa) i April 2017 at 29.00 Zoe A ad the ope market lettig to Polka Dot Travel at 228 High Street at 31.70 with effect from September 2017.
EPC The property has a ratig of D77. A Certificate ad Recommedatios are available upo request. VAT The property has ot bee registered for VAT. Proposal We are istructed to seek offers i excess of 290,000 subject to cotact ad exclusive of VAT. A purchase at this level would show a et iitial yield of 8% after deductig purchasers costs of 3.19%. Further iformatio For further iformatio, or to arrage a ispectio of the property, please cotact Hugh Ocklesto, Ocklesto Bailey Tel. 01244 403445 Email: hugh@ocklestobailey.co.uk SUBJECT TO CONTRACT Produced by Word Perfect Prit. T: 01508 557777 E: brochures@wordperfectprit.com Misrepresetatio Act 1967 Ocklesto Bailey Ltd (ad their joit agets where applicable) for themselves ad for the vedors or lessors of this property for whom they act, give otice that : (i) these particulars are a geeral outlie oly, for the guidace of prospective purchasers or teats, ad do ot costitute the whole or ay part of a offer or cotract; (ii) Ocklesto Bailey Ltd caot guaratee the accuracy of ay descriptio, dimesio, refereces to coditio, ecessary permissios for use ad occupatio ad other details cotaied herei ad prospective purchasers or teats must ot rely o them as statemets of fact or represetatios ad must satisfy themselves as to their accuracy; (iii) o employee of Ocklesto Bailey Ltd (ad their joit agets where applicable) has ay authority to make ay represetatios or warraty or eter ito cotract whatever i relatio to the property; (iv) prices/rets quoted i these particulars may be subject to VAT i additio, (v) Ocklesto Bailey Ltd will ot be liable, i egligece or otherwise, for ay loss arisig from the use of these particulars. Date of publicatio: October 2017